Fuxing China Group (SGX:AWK) said its planned listing on the Nasdaq Stock Market has been delayed after it failed to secure a timely response from the China Securities Regulatory Commission regarding its updated offering structure, according to a filing with the Singapore Exchange on Thursday.
While its registration statement became effective on May 28, the zipper company could not proceed with the American Depositary Shares (ADS) offering or sign the underwriting agreement as expected on May 29. The company had shifted from ordinary shares to ADS, requiring an updated approval from the Chinese securities regulator.
To prepare for the listing, Fuxing issued 18,750,000 underlying shares on May 28, which are now listed on the Singapore Exchange.
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